Andhra Pradesh: New Guaranteed Pension Scheme (GPS)

Santhosh Kumar 06/10/2023
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Andhra Pradesh: New Guaranteed Pension Scheme (GPS) mind map Context Andhra Pradesh GPS Bill 2023 Introduction reason Criticism of NPS Negative fiscal impact of OPS Comparison of schemes Old Pension Scheme (OPS) Pension Guarantee Fixed pensions Contribution Funded through budget Pension Amount Based on salary and service length Fiscal Impact on States Unsustainable growth in liabilities New Pension Scheme (NPS) Pension Guarantee Returns based on market condition Contribution Employee and employer contributions Pension Amount Variable, dependent on corpus returns Fiscal Impact on States Fiscally sustainable Guaranteed Pension Scheme (GPS) Pension Guarantee Fixed pension component Contribution 10% basic salary contribution State government matching Pension Amount 50% of last drawn basic salary Fiscal Impact on States Government funds NPS return shortfall States contemplating return to OPS Chhattisgarh Rajasthan Himachal Pradesh Punjab Delhi Future potential Hybrid model like GPS

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